Report: MGM deal imminent

DavidB. Wilkerson

SAN FRANCISCO (CBS.MW) - Metro-Goldwyn-Mayer Inc. could announce its acquisition by a rival for as much as $5 billion, with Time Warner in the leading position as a suitor, according to a published report Tuesday.

The film studio, which owns one of the world's largest movie libraries with more than 4,000 titles, is also in talks with Sony Corp., and the Tokyo-based conglomerate is still very much in the hunt, Reuters reported, citing sources close to the company.

MGM has restricted its employees from trading any stock in the company until further notice, Reuters said, citing an internal memo.

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